European System of Financial Supervision: Review package
On 27 December 2019, the following two Regulations and Directive, which will review the European System of Financial Supervision (ESFS), have been published in the Official Journal of the European Union:
Omnibus Regulation (EU) 2019/2175 of 18 December 2019, amending the Regulations establishing the European Supervisory Authorities (ESAs) in relation to the powers, governance and funding of the ESAs;
Regulation (EU) 2019/2176 of 18 December 2019, amending the European Systemic Risk Board Regulation (EU) 1092/2010 (ESRB Regulation); and
Omnibus Directive (EU) 2019/2177 of 18 December 2019, amending the Markets in Financial Instruments Directive (2014/65/EU) (MiFID II) and the Solvency II Directive (2009/138/EC) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
The two Regulations and Directive entered into force on 30 December 2019.